New Delhi: Relaxing norms for aircraft and helicopter imports, the Reserve Bank of India on Thursday said banks can allow advance remittances for imports once the company has approval from the Directorate General of Civil Aviation (DGCA).
With the latest notification, the RBI has done away with the earlier requirement whereby approval of the Civil Aviation Ministry was compulsory for advance remittances.
Previously, advance remittance was allowed by banks only when the importing entity had requisite approvals from the Civil Aviation Ministry, aviation regulator DGCA and other agencies.
"...banks may, while allowing advance remittance without bank guarantee or an unconditional, irrevocable standby letter of credit up to $50 million, ensure that only the requisite approval of DGCA for import of aircrafts/helicopters" have been obtained by the company, the RBI said.
This would be applicable on companies operating scheduled or non-scheduled air transport services, including air taxi services.
"In other words, the approval from Ministry of Civil Aviation will not be required," the RBI said.
The relaxation comes at a time when the ministry is working on a new aviation policy that seeks to provide various incentives for the sector.
In another notification on evidence of import of goods, the RBI said that with the establishment of free trade warehousing zones/SEZ unit warehouses, imported goods can be stored therein, for re-export/re-selling purposes for which Customs Authorities issue Ex-Bond Bill of Entry.
"...banks are advised to consider the Bill of Entry issued by Customs Authorities named as Ex-Bond Bill of Entry or by any other similar nomenclature, as evidence for physical import of goods," it said.
Further, in cases where goods have been imported through couriers, the Courier Bill of Entry, as declared by the courier companies to the Customs Authorities, may also be considered as evidence of import of goods.
New Delhi: Relaxing norms for aircraft and helicopter imports, the Reserve Bank of India on Thursday said banks can allow advance remittances for imports once the company has approval from the Directorate General of Civil Aviation (DGCA).
With the latest notification, the RBI has done away with the earlier requirement whereby approval of the Civil Aviation Ministry was compulsory for advance remittances.
Previously, advance remittance was allowed by banks only when the importing entity had requisite approvals from the Civil Aviation Ministry, aviation regulator DGCA and other agencies.
"...banks may, while allowing advance remittance without bank guarantee or an unconditional, irrevocable standby letter of credit up to $50 million, ensure that only the requisite approval of DGCA for import of aircrafts/helicopters" have been obtained by the company, the RBI said.
This would be applicable on companies operating scheduled or non-scheduled air transport services, including air taxi services.
"In other words, the approval from Ministry of Civil Aviation will not be required," the RBI said.
The relaxation comes at a time when the ministry is working on a new aviation policy that seeks to provide various incentives for the sector.
In another notification on evidence of import of goods, the RBI said that with the establishment of free trade warehousing zones/SEZ unit warehouses, imported goods can be stored therein, for re-export/re-selling purposes for which Customs Authorities issue Ex-Bond Bill of Entry.
"...banks are advised to consider the Bill of Entry issued by Customs Authorities named as Ex-Bond Bill of Entry or by any other similar nomenclature, as evidence for physical import of goods," it said.
Further, in cases where goods have been imported through couriers, the Courier Bill of Entry, as declared by the courier companies to the Customs Authorities, may also be considered as evidence of import of goods.
New Delhi: Relaxing norms for aircraft and helicopter imports, the Reserve Bank of India on Thursday said banks can allow advance remittances for imports once the company has approval from the Directorate General of Civil Aviation (DGCA).
With the latest notification, the RBI has done away with the earlier requirement whereby approval of the Civil Aviation Ministry was compulsory for advance remittances.
Previously, advance remittance was allowed by banks only when the importing entity had requisite approvals from the Civil Aviation Ministry, aviation regulator DGCA and other agencies.
"...banks may, while allowing advance remittance without bank guarantee or an unconditional, irrevocable standby letter of credit up to $50 million, ensure that only the requisite approval of DGCA for import of aircrafts/helicopters" have been obtained by the company, the RBI said.
This would be applicable on companies operating scheduled or non-scheduled air transport services, including air taxi services.
"In other words, the approval from Ministry of Civil Aviation will not be required," the RBI said.
The relaxation comes at a time when the ministry is working on a new aviation policy that seeks to provide various incentives for the sector.
In another notification on evidence of import of goods, the RBI said that with the establishment of free trade warehousing zones/SEZ unit warehouses, imported goods can be stored therein, for re-export/re-selling purposes for which Customs Authorities issue Ex-Bond Bill of Entry.
"...banks are advised to consider the Bill of Entry issued by Customs Authorities named as Ex-Bond Bill of Entry or by any other similar nomenclature, as evidence for physical import of goods," it said.
Further, in cases where goods have been imported through couriers, the Courier Bill of Entry, as declared by the courier companies to the Customs Authorities, may also be considered as evidence of import of goods.
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